Rallying credit markets are giving US banks the opportunity to book
accounting gains on their ‘toxic’ securities for the first time since suffering
huge losses during the sub-prime crisis.
Fair value accounting gives the banks the chance to use the recovering
markets to write-up the value of their assets, with some believing the gains
could add up to billions of dollars, the Financial Times reported.
However it is thought that auditors and boards will advise caution with such
a strategy as price rises may be temporary and another dive in the market could
cause further write-downs.
Does Darwin's theory apply to taxation? Colin ponders...
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states